Greece will likely be downgraded to "selective default" in the first half of the year, says...

|By:, SA News Editor

Greece will likely be downgraded to "selective default" in the first half of the year, says S&P Managing Director John Chambers at a conference, but the default does not necessarily destroy the credibility of the EU. He credits the ECB's LTRO with saving the day, saying the recent EU downgrades would have been worse had the central bank not acted.